Debt can be a heavy burden to carry, not just financially but emotionally. At Spergel, we know that one of the biggest barriers to seeking help is the embarrassment and debt shame people feel about their financial struggles. These emotions are normal, but they don’t have to hold you back from finding debt relief and starting fresh.
The stigma around debt
Society often ties financial stability to personal success, creating a stigma around debt. This stigma can lead people to internalize feelings of failure, making it harder to seek the support they need. It’s important to remember that debt doesn’t define your worth. Life is full of unexpected challenges – job loss, medical bills, or rising living costs that can lead anyone into financial difficulty.
Consider the words of Sarah, one of our clients: “I was so embarrassed about my financial situation that I didn’t even want to talk to my family. But when I finally reached out to Spergel, they made me feel understood and supported. It was such a relief to know I wasn’t alone.“
Why debt shame keeps you stuck
Shame can create a cycle of inaction. When people feel embarrassed, they often avoid talking about their debt or seeking solutions, which only prolongs the problem. The truth is, ignoring debt won’t make it go away, and it may worsen over time. Taking that first step toward resolving your debt is an act of strength, not weakness.
The experience of one of our clients, James, illustrates this perfectly: “I thought admitting my debt was a sign of failure. But what I learned is that asking for help is the most courageous thing you can do. Spergel helped me turn things around.”
The emotional toll of carrying debt
Debt doesn’t just impact your finances; it affects your mental health, relationships, and self-esteem. Many people report feeling trapped, as though their debt defines them. This weight can lead to anxiety, depression, and even physical symptoms like insomnia or fatigue. Acknowledging these emotions, including debt shame, is the first step toward moving forward.
According to the 2023 Financial Stress Index by FP Canada, 36% of Canadians have experienced mental health challenges – such as anxiety or depression – related to financial stress. Nearly half (48%) have lost sleep over money worries. These feelings are common, but they don’t have to define your future.
How Spergel can help
At Spergel, we provide a judgment-free environment where you can feel safe discussing your financial situation. Our team understands the courage it takes to reach out for help, and we’re here to guide you through every step of the process. Here’s how we make it easier:
- Confidential consultations: your privacy is our priority. Our free consultations are completely confidential, allowing you to share your concerns without fear of judgment.
- Personalized solutions: no two financial situations are the same. We work with you to create a customized plan that fits your needs and goals.
- Empathetic support: our experienced team approaches every case with compassion and understanding, ensuring you feel supported throughout your journey.
One client shared their experience: “I was so nervous about calling Spergel, but from the very first conversation, I felt like a weight had been lifted. They listened without judgment and gave me a plan I could actually follow.“
Real stories of transformation
Hearing from others who have been through similar struggles can be empowering. Here are some real stories from Spergel clients who overcame shame and took back control:
“I spent years hiding my debt because I was so ashamed. Spergel helped me realize that my worth isn’t tied to my finances. Now I’m debt-free and more confident than ever.” – Claire
“Debt made me feel like I was failing as a parent. Spergel showed me how to create a budget that worked for my family. Today, I’m proud of the financial role model I’ve become for my kids.” – Michael
“I avoided asking for help because I thought I’d be judged. Instead, I found support and a clear path forward. I only wish I’d called Spergel sooner.” – Laura
Read more of our Success Stories to see how we’ve helped Canadians begin a fresh financial future.
Practical steps to overcome debt shame
If you’re struggling with feelings of embarrassment or debt shame, here are some steps you can take:
- Talk to someone you trust: sharing your feelings with a trusted friend, family member, or professional can help ease the emotional burden.
- Educate yourself: understanding your financial options can make the situation feel less overwhelming. Tools like our free Budget Template or free consultations with professionals can provide clarity.
- Take small steps: even small actions, like creating a budget or setting up a consultation, can build momentum and confidence.
- Celebrate progress: acknowledge even the smallest milestones, like making your first payment or organizing your finances. These victories build motivation to keep going.
Moving forward with confidence
Remember, debt doesn’t decide your worth or your future. At Spergel, we specialize in helping Canadians regain control of their financial lives with empathy and expertise. The first step is often the hardest, but it’s also the most important. Call us at 1.855.SPERGEL (773.7435) or visit www.spergel.ca to clear your debt shame and start your journey toward financial freedom today.
What to read next
- Debt help in Atlantic Canada: why so many are too embarrassed to ask – and what you can do
- Why financial education needs to start earlier: lessons from Canadians facing debt
- Spring clean your finances: 5 steps to declutter debt
- Financial stress: its impacts and how taking action can help you rest easier
- Debunking common bankruptcy myths: the truth about debt relief in Canada
